Seatrium has secured an agreement worth $390 million with RigCo, a subsidiary of Keppel, to complete construction work on four offshore drilling rigs. The Singapore-based contractor will carry out the work under a master services arrangement that already exists between the two companies, according to the announcement.
The scope of the agreement centers on completion work for the four rigs, meaning construction activities that were previously started will now be finished under Seatrium's responsibility. The master services framework under which the deal falls indicates that the two parties already had a contractual structure in place for this type of engagement, with the new agreement defining the terms for the work on these specific units.
RigCo, the counterparty in the deal, is a subsidiary of Keppel, and the arrangement connects two prominent names in Singapore's offshore and marine sector. The completion of drilling rigs that remain unfinished from earlier construction programs is a established category of work for shipyards and engineering contractors in the region, and this agreement assigns that task for four units to Seatrium.
For Seatrium, the $390 million award represents a substantial addition to its workload and provides defined construction activity at its yards. For RigCo and Keppel, the deal advances the completion of the four rigs, moving the units closer to a finished state under an existing commercial framework rather than a newly negotiated standalone contract.
The agreement highlights the continued role of completion and finishing work in the offshore drilling market, where rigs that entered the construction cycle in earlier years require additional engineering and fabrication effort before they can be finalized. Further details on timelines, rig specifications, and yard locations were not included in the announcement.
Source: Offshore Engineer
